RUBY TUESDAY, INC.
Financial Results For the Third Quarter of Fiscal Year 2003 (unaudited) (Amounts
in thousands except per share amounts)
Excluding Loss Excluding Loss Including Loss
on Valuation of on Valuation of on Valuation of
SRG Note SRG Note SRG Note
13 Weeks 13 Weeks 13 Weeks
Ended Ended Ended
March 4, Percent March 5, Percent Percent March 5, Percent
2003 of Sales 2002 of Sales Change 2002 of Sales
--------------------- ------------------------------- ---------------------
System-Wide Ruby Tuesday Sales:
Company-owned Ruby Tuesday revenue $ 228,834 $ 209,628 $ 209,628
Franchised revenue 100,202 96,099 96,099
---------- --------- ---------
Total system-wide Ruby Tuesday sales $ 329,036 $ 305,727 7.6 $ 305,727
========== ========= =========
Revenues:
Ruby Tuesday $ 228,834 98.3 $ 209,628 98.1 $ 209,628 98.1
Other concepts - 0.0 - 0.0 - 0.0
--------- --------- ---------
Company restaurant revenues 228,834 98.3 209,628 98.1 9.2 209,628 98.1
Franchise income 4,022 1.7 4,108 1.9 4,108 1.9
--------- --------- ---------
Total operating revenues 232,856 100.0 213,736 100.0 8.9 213,736 100.0
Operating Costs and Expenses:
(as a percent of Company restaurant revenues)
Cost of merchandise 60,846 26.6 56,900 27.1 56,900 27.1
Payroll and related costs 73,991 32.3 67,584 32.2 67,584 32.2
Other 36,900 16.1 37,392 17.8 37,392 17.8
Depreciation and amortization 11,744 5.1 8,425 4.0 8,425 4.0
Loss on valuation of SRG Note Receivable - 0.0 - 0.0 28,856 13.8
(as a percent of Total operating revenues)
Selling, general and administrative 11,000 4.7 10,972 5.1 10,972 5.1
Equity in earnings of unconsolidated franchises(1,534) (0.7) (601) (0.3) (601) (0.3)
--------- --------- ---------
Total operating costs and expenses 192,947 180,672 209,528
--------- --------- ---------
Earnings before Interest, Taxes and
cumulative effect of change in
accounting principle 39,909 17.1 33,064 15.5 20.7 4,208 2.0
Interest expense (income), net 964 0.4 (1,662) (0.8) (1,662) (0.8)
--------- ---------- ---------
Pre-tax Profit 38,945 16.7 34,726 16.2 5,870 2.7
Provision for income taxes 13,553 5.8 12,152 5.7 823 0.4
--------- ---------- ---------
Income before cumulative effect of change in
accounting principle 25,392 10.9 22,574 10.6 5,047 2.4
Cumulative effect of change in accounting
principle, net - - -
--------- --------- ---------
Net Income $ 25,392 10.9 $ 22,574 10.6 12.5 $ 5,047 2.4
========= ========= =========
Earnings Per Share:
Before cumulative effect of change in accounting principle:
Basic $ 0.40 $ 0.35 14.3 $ 0.08
========= ========= =========
Diluted $ 0.39 $ 0.34 14.7 $ 0.07
========= ========= =========
After cumulative effect of change in accounting principle:
Basic $ 0.40 $ 0.35 14.3 $ 0.08
========= ========= =========
Diluted $ 0.39 $ 0.34 14.7 $ 0.07
========= ========= =========
Shares:
Basic 64,056 64,465 64,465
========= ========= =========
Diluted 65,050 66,347 66,347
========= ========= =========
RUBY TUESDAY, INC.
Financial Results For the Third Quarter of Fiscal Year 2003 (unaudited) (Amounts
in thousands except per share amounts)
Excluding Loss Excluding Loss Including Loss
On Valuation of on Valuation of on Valuation of
SRG Note SRG Note SRG Note
39 Weeks 39 Weeks 39 Weeks
Ended Ended Ended
March 4, Percent March 5, Percent Percent March 5, Percent
2003 of Sales 2002 of Sales Change 2002 of Sales
---------------------- --------------------- --------------- --------------------
System-Wide Ruby Tuesday Sales:
Company-owned Ruby Tuesday revenue $ 655,601 $ 605,049 $ 605,049
Franchised revenue 285,536 252,827 252,827
--------- --------- ----------
Total system-wide Ruby Tuesday sales $ 941,137 $ 857,876 9.7 $ 857,876
========= ========= ==========
Revenues:
Ruby Tuesday $ 655,601 98.3 $ 605,049 98.3 $ 605,049 98.3
Other concepts - 0.0 - 0.0 - 0.0
--------- --------- ---------
Company restaurant revenues 655,601 98.3 605,049 98.3 8.4 605,049 98.3
Franchise income 11,270 1.7 10,656 1.7 10,656 1.7
--------- --------- ---------
Total operating revenues 666,871 100.0 615,705 100.0 8.3 615,705 100.0
Operating Costs and Expenses:
(as a percent of Company restaurant revenues)
Cost of merchandise 175,159 26.7 162,780 26.9 162,780 26.9
Payroll and related costs 219,255 33.4 197,361 32.6 197,361 32.6
Other 110,825 16.9 117,281 19.4 117,281 19.4
Depreciation and amortization 33,347 5.1 25,000 4.1 25,000 4.1
Loss on valuation of SRG Note Receivable - 0.0 - 0.0 28,856 4.8
(as a percent of Total operating revenues)
Selling, general and administrative 32,361 4.9 33,829 5.5 33,829 5.5
Equity in earnings of unconsolidated (2,410) (0.4) (353 (0.1) (353) (0.1)
--------- --------- ---------
Total operating costs and expenses 568,537 535,898 564,754
--------- --------- ---------
Earnings before Interest, Taxes and
cumulative effect of change in
accounting principle 98,334 14.7 79,807 13.0 23.2 50,951 8.3
Interest expense (income), net 1,455 0.2 (4,505) (0.7) (4,505) (0.7)
--------- --------- ---------
Pre-tax Profit 96,879 14.5 84,312 13.7 55,456 9.0
Provision for income taxes 33,713 5.1 29,755 4.8 18,428 3.0
--------- --------- ---------
Income before cumulative effect of change in
accounting principle 63,166 9.5 54,557 8.9 37,028 6.0
Cumulative effect of change in accounting
principle, net 58 58
--------- --------- ---------
Net Income $ 63,166 9.5 $ 54,499 8.9 15.9 $ 36,970 6.0
========= ========= =========
Earnings Per Share:
Before cumulative effect of change in accounting principle:
Basic $ 0.99 $ 0.85 16.5 $ 0.58
========= ========= =========
Diluted $ 0.97 $ 0.83 16.9 $ 0.56
========= ========= =========
After cumulative effect of change in accounting principle:
Basic $ 0.99 $ 0.85 16.5 $ 0.58
========= ========= =========
Diluted $ 0.97 $ 0.83 16.9 $ 0.56
========= ========= =========
Shares:
Basic 63,915 63,787 63,787
========= ========= =========
Diluted 65,017 65,631 65,631
========= ========= =========